Are you running a club Pilates studio and want to know the pricing strategies for your membership plans? You are at the right place. Setting up the right pricing for your membership plans always helps you increase your customer base as well as overall sales. People always prefer to get services that are affordable without compromising on their quality.
So, to help you know how much you should price your club pilates membership, here is a comprehensive guide. Learning all discussed aspects can help you set the right prices for your all club pilates membership plans to achieve maximum sales and profits.
The price of the average club pilates membership is based on the studio area, region, and type of membership. According to recent studies, the following are the most popular membership options and their prices:
- Single Class (Drop-In): $25 to $85
- 4-Pack Classes: $84 per month
- 8-Pack Classes: $149 per month
- 10-Pack Classes: $229 per month
- One Month Membership: $150 to $200 per month
- Two-Month Membership: $140 to $160 per month
- All-Access: $199 per month
However, it is worth mentioning that some studios may only charge a modest enrollment fee while others don’t. The annual club pilates membership would also range from $1,250 to $11,550 on different memberships and classes. Moreover, the search results show the All-Access membership as the cheapest plan where the members can participate in one class per day.
What are the different types of membership options?
Club pilates generally offers many types of memberships with varying durations and perks. The specific membership options may vary from one club pilates studio to another, but here are some popular types based on duration and perks:
In monthly memberships, you charge your members on monthly biases. All the perks you add to your monthly membership plans are valid for them. Usually, there are two types of monthly memberships:
- Unlimited monthly membership: In it, your club members get unlimited access to facilities and classes that you add for a month. This kind of membership is a perfect choice for members who want to keep their fitness journey undisturbed.
- Limited monthly membership: This type of club pilates membership incorporates a certain number of facilities and classes. They are suitable for members who moderately attend pilates classes.
As the name depicts, these memberships are billed on a yearly basis and allow members to enjoy facilities for all 12 months following the covered classes and amenities. They are also of two types;
- 12-month membership: It covers both limited and unlimited class access plans and is comparatively cost-saving compared to monthly membership plans. These memberships are best for members who are committed to a long-term pilates journey.
- Student or senior annual membership: Such kinds of memberships are tailored specifically for seniors or students with certain discounts. They may incorporate certain limitations on class types or availability.
Class packages are another way of offering pilates classes. They are also of two major types as:
- Drop-in classes: Your members can buy them for one time or in a particular number of classes, which makes them more feasible for occasional visitors who do not need recurring membership.
- Class bundles: Class bundles are another way of offering multiple classes in a single package with no recurring fee. You can offer discounts on bulk purchases of your pilates classes.
Another type of membership that you can offer to your pilates studio members is hybrid membership that combines in-studio and virtual classes. This will be ideal for people who are looking to leverage both in-person and online classes. It is up to you whether you compose it as a monthly bundle or an annual one following your members’ ease.
You can also enable your members to bring their family members to your studio by offering family membership plans. It allows multiple family members to share a membership, offering cost savings for families who want to practice pilates together.
It’s important to note that specific perks and durations can vary from one club pilates studio to another. You can tailor memberships to the needs of your studio’s clientele and regional market conditions.
Strategizing Your Club Pilates Membership Pricing
Strategizing your club pilates membership’s pricing is one of the essential things to do for the best results when it comes to customer satisfaction and higher sales. There are plenty of factors to consider while drafting your membership pricing plans. Consideration of these elements will surely help you know how much should your club pilates membership cost for your members. A few of the critical ones are listed below as:
Understanding your target audience
The very first thing that you, as a pilates studio owner, should be deliberating about is your target audience. Their affordability, power, demographics, and all other aspects are crucial when it comes to setting up the prices of your membership plans.
It is important to consider this when setting up club pilates membership pricing, as different options can be appealing to different groups. If that is the case, then it will be better for them to sign up for a membership that allows only a few classes each month, as they could be a newbie to pilates with little time for this. However, an unlimited one may be more appealing to those practitioners who attend the classes regularly.
Also, pricing can differ between studios based on region, membership type, and so on. Thus, one should keep in mind the target group and its requirements in determining price lists and tariff plans. For example, a studio within a highly-priced neighborhood might have to provide reasonably priced alternatives to entice clients.
However, a studio set up in an upscale locality would have to provide extras at higher prices. However, it is essential to identify the target audience and their needs in order to come up with relevant pricing and membership structures that are appealing and competitive.
Understanding all your operational costs
One of the key factors that you should be pondering while setting up your club pilates membership cost for members is the accumulation of total annual expenses. In this regard, you should be breaking down operational costs, including;
- Rent and facility expenses
- Instructor salaries and overhead
- Equipment maintenance
- Marketing and administrative costs
Doing so will help you set membership prices that can sufficiently cover your basic expenses and keep you ahead of the line. Ignoring this factor not only leads to financial loss but also makes it hard to survive in the long run.
Analyzing the market
Competitive edge over the competitors’ pricing may also require a careful market analysis. The real competitors are the local ones who determine the prices of the product or service.
Moreover, you need to be looking into what fashion conscious fitness enthusiasts demand in the market and what they are willing to pay for it. They are very crucial in determining the most suitable pricing, especially for the pilates studio memberships.
There are different pricing strategies that you, as a club pilates studio owner, can consider when setting membership prices:
A simple cost-plus pricing involves adding a markup percentage to the total cost of providing the studio’s services, such as instructor salaries, equipment, rent, and overhead costs, to determine the membership price. It helps the studio cover all its costs and also makes a profit. It can be a straightforward pricing strategy.
Value-based pricing depends on the perceived value of the services offered by the studio. It encompasses what the customers are willing to pay to receive the benefits and quality. With this kind of pricing strategy, one should understand what customers value in the club pilates experiences and price accordingly. This might be in the form of premium payment for enhanced facilities, qualified instructors, or exclusive servicing.
It can be used to hike the prices of services that are considered valuable. It ensures that pricing complies with what customers can afford.
Dynamic pricing is a strategy where membership fees are varied by demand, season, and even time of the day. For instance, the prices might be high during the peak hour or high season, whereas in the off-peak period or low season, they would be low. Such a strategy makes it possible to adjust revenue in a continuous manner.
Dynamic pricing helps to maximize revenue by adjusting to dynamic market conditions and customer demand. It can also be used in handling the capacity during periods of high traffic.
Tiered membership options
It involves having tiered membership options where different benefits go hand in hand with different price packages. This approach enables customers to choose the suitable package according to their needs and budget. For example:
- Basic: Offers the essentials at a lower cost.
- Premium: Provides additional benefits like priority booking or access to premium classes.
- Premium Plus: Includes all the premium features and more, catering to the most dedicated customers.
It would provide a wider choice for various customers with different needs and budgets and consequently expand the customer base and revenue.
The right pricing strategy, or a combination of these strategies, is important for a Club Pilates studio owner. This should depend on market research, customer preference, competition, and the studio’s unique value proposition. Pricing strategies are also subject to review and adjustment to ensure competitiveness and customer expectations are met regularly.
Setting membership prices
One of the crucial elements of strategic business practice is to determine membership rates for the Club Pilates studio. To do so effectively, a studio owner should consider several key factors:
Balancing profitability and affordability
Club pilates studio owners have to strike a balance between revenue generation to cater for operational costs, profitability, and affordable pricing for prospective clients.
However, the price should not be too high or too low. Finding the right balance allows the studio to be profitable while appealing to and retaining members.
Offer competitive introductory rate
An introductory rate refers to a special, low price offered to new members for their first class/experience at the studio. The rate is set to encourage prospective members to test the services.
It is very important to provide the lowest introductory rate to new clients. It gives them the chance to get into the studio without spending a lot of money. This may constitute the initial stage of building a customer base and cultivating ongoing relationships. It also aids in the development of trust and decreases perceived risk among new clients.
Creating incentives for a long-term commitment
To encourage members to commit to the studio over an extended period, various incentives can be offered. These incentives could include loyalty programs, discounts for annual memberships, or additional perks for long-term commitments.
Long-term members provide stability and consistent revenue for the studio. Incentives for commitment not only retain existing members but also reduce the likelihood of members seeking alternatives. They contribute to the studio’s financial health and can enhance the sense of community among members.
The objective of every club pilates studio owner is to set prices that align with the studio’s financial goals, meet the needs of the target audience, and foster a sustainable and growing business. This often requires an ongoing process of market research, pricing analysis, and feedback from members to ensure that the pricing strategy remains competitive and profitable while providing value and affordability to the clients.
Pricing Adjustments and Promotions
The pricing adjustments and promotions are important for a club pilates studio to remain competitive, retain its clients, and attract others. They also help in monitoring the tide and flow of demand such that there is regular class attendance, hence optimal revenue.
Regularly reviewing and adjusting prices
Every club pilates studio should regularly review and adjust prices as a necessary practice. This means reviewing the pricing structure regularly to make sure it is still competitive, in tune with the market, and reflects the value the studio provides.
However, market conditions, competition, and studio offerings may change over time. Therefore, it is also important to reassess the pricing regularly, making sure that it is still adequate. Such price adjustments could be aimed at preserving profitability, attracting new members, or maintaining existing ones. By so doing, the studio is able to respond to the changing tastes and demands of its clientele.
Promotions, discounts, and special offers
Promotions and special offers are short and limited-time promotions for new and existing members. Such promotions could include price reductions, package deals, or any other added benefits like free classes or exclusive access. These strategies serve several purposes:
- Attracting new members: Providing introductory rates or discounts on a limited basis can lure potential members to test out the studio’s services.
- Retaining existing members: Loyal members can be rewarded by special offers, hence their loyalty.
- Filling classes during off-peak hours: This can also include discounts for classes attended at less busy times.
- Creating urgency: Short-term promotions generate the sense of a hurry and help clients to make decisions promptly.
Member referral programs
These member referral programs seek to reward existing members to encourage new clients to attend the studio. Most of these programs usually give incentives such as discounts, free lessons, and others to both the referring and new members.
Word-of-mouth marketing and trust between members are used with referral programs. Moreover, they can be very useful in attracting new clients at low acquisition costs. It inculcates members to become advocates for the studio, promoting a sense of community. It gives incentives to the referrer and referee and makes it a situation of win-win for the existing members and the new ones.
Need software that can help you take care of your club pilates membership management?
Wellyx’s club pilates software has the ability to cater to all needs of your studios when it comes to dealing with various operational aspects, including crafting memberships and setting prices. With its exclusive membership and packages feature, you are at ease to create personalized membership plans with reasonable prices for your members.
Our club pilates membership and packages software allows you to set different limitations, add different add-on services, and numerous membership benefits per their choices or business needs.
Club pilates membership cost is of great concern for both owners and members, so it is vital to set it in a way that should be feasible for both parties. In this regard, in this brief guide, different tactics and pricing strategies are discussed to help you come up with the right and affordable pricing plans for your pilates studio’s membership offerings. Everything from knowing your target audience to composing different pilates club membership plans and setting feasible prices is of great significance to keep your members intact, returning, and loyal.